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Boston Community Capital
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The Bank provided a $7m line
of credit to Boston Community Capital, a community development
financial intermediary whose mission is to create and
preserve healthy communities where low-income people live
and work. They do this by investing in projects that provide
affordable housing, good jobs, needed goods and services
and new opportunities for people who have been locked
out of the economic mainstream. |
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| Brookside Artists LLC |
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The Bank provided a $3.8m
construction loan for 24 live/work artist studios, 17
of which will be affordable for low- to moderate-income
artists. The previous tenants organized to buy out the
prior owner to retain the space as affordable live-work
units for artists. |
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| Clarendon Residences LLC |
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The Bank provided a $7.5m
participation in this project to fully renovate the existing
Boston YWCA Headquarters at 140 Clarendon Street in the
Back Bay neighborhood of Boston, including increasing
the residential space to contain 184 residential units,
79 of which will be affordable for low- to moderate-income
individuals. |
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| Lower Roxbury Apartments LP |
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The Bank financed a $3.25m loan to renovate 11 rental
properties throughout Roxbury with a total of 70 much-needed
1,2,3, and 4-bedroom affordable housing units for very
low-income and single parent families at risk of homelessness
in Boston. The Commonwealth Land Trust manages the property,
and provides a full range of social services, including
youth-centered events, homelessness prevention, anticrime
activities, assistance in obtaining proper prenatal
and medical care, assistance in easing the transition
from welfare to work for parents of young children,
and full tenant participation in management activities.
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| Victory Programs |
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The Bank made a $500m construction/
permanent loan to complete a gut rehabilitation of Victory
House, a transitional housing program for 24 homeless
and very low-income men with substance abuse disabilities
since 1975. |
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| 25 Ruggles Assisted Living Development |
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Acquisition and rehabilitation
of an abandoned building and construction of an addition
to create 43 apartments for very low- and low-income elders.
The development will be the first assisted-living facility
in Boston's Roxbury neighborhood. Eighteen units will
be occupied by frail or previously homeless elders. Wainwright
Bank will provide the Low Income Housing Tax Credit Equity,
which represents the major source of funding for the project.
Other sources of financing include city and state HOME
funds, city CDBG funds, and the Housing Innovation Fund.
The Committee to End Elder Homelessness will provide the
supportive services for this unique project. |
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| Pond Home Project |
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This project in Wrentham
consists of renovating a 31-bed home for the aged, adding
space for 12 additional residents, and the building of
66 new one- and two-bedroom independent living units with
a-la-carte assisted living living services available. |
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| St. George Project |
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The Bank made a $5m loan
to Tent City Corporation to fund the construction of 30
units of mixed income housing in Boston's South End. Fifteen
of the units will be affordable to low and moderate income
individuals. The Bank is participating with Boston Community
Capital in this important homeownership project. |
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| VNA Lowell Street LP |
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The Bank financed the construction
of 99 units of affordable assisted living. The project
was developed by the VNA of Eastern Massachusetts. It
is located on Lowell Street in Somerville, MA. |
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| Cortes Street |
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The property on Cortes Street in Boston was developed by Boston Aging Concerns Young & Old United. They provide housing and services for the low income elderly population. Wainwright provided a construction loan to rehab 4 buildings on Cortes Street, Boston into 48 Single Room Occupancy units. |
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| Brookview House |
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The women of Brookview House have created a home for formerly homeless women and children. The Bank has provided a first mortgage loan used for the acquisition and construction of a property located on Brookview Street in Dorchester, creating an 8 unit building housing mothers and children who were formerly homeless and living in motel units off local highways. |
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| Cambridge YMCA |
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The Cambridge YMCA provides a host of services to the local community. The Bank provided a construction loan to finance the rehab of 820 Mass. Avenue, Cambridge to create 129 rooms of affordable housing and housing for people living with AIDS. |
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| Cambridge YWCA |
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The YWCA provides housing and services to the Cambridge community. The Bank provided a real estate loan to add a new wing to an existing building for 43 Single Room Occupancy units for homeless women. |
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| 270 Huntington Avenue |
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The Bank provided a construction loan as well as a tax credit bridge loan to assist in the creation of seventy-five units of housing for people living with AIDS, affordable housing and housing for low income elderly. |
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| Rockport School Elder Housing |
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This project consisted of the renovation of a former schoolhouse, in Rockport, MA, to provide 31 units of housing for low income elderly. The Bank provided construction financing for this project. |
